ICYMI - US on the oil bid, buying 3.5 million barrels for the Strategic Petroleum ReserveThe US Department of Energy plans to buy 3.5 million barrels of crude for the Strategic Petroleum Reserve
- seeks up to 1.5 million barrels of sour crude for delivery in January 2025
- a second solicitation will be issued on August 12 for the purchase of about 2 million barrels, also for January 2025 delivery
- announcement comes a week after the DOE finalized a purchase of 4.65 million barrels of sour crude that marked the completion of the administration's promise to return the 180 million barrels released from the emergency crude stockpile in 2022
- "DOE continues to aim for $79/b or less, significantly lower than the average of about $95/b DOE received for 2022 emergency SPR sales"
Link for more:
Sell @ $95, buy back for $79 sounds like a decent enough trade.
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: ICYMI - US on the oil bid, buying 3.5 million barrels for the Strategic Petroleum Reserve (https://www.forexlive.com/news/icymi-us-on-the-oil-bid-buying-35-million-barrels-for-the-strategic-petroleum-reserve-20240806/)
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